TIDMGLR
RNS Number : 4479B
Galileo Resources PLC
17 April 2012
For immediate release 17 April 2012
Galileo Resources Plc
("Galileo" or the "Company")
Galileo Releases Major Independent Mineral Resource Estimate for
the Glenover Rare Earth Project
The Board of Galileo Resources Plc ("Galileo"), the AIM-quoted
emerging African Rare Earth exploration company, is pleased to
announce an indicated and inferred independent gross resource
estimate of 28.93 million tonnes ("Mt") @ 1.24% total rare earth
oxides +yttrium ("TREO+Y(2) O(3) ") at its Glenover Rare Earths
Joint Venture project, in the Limpopo Province of South Africa.
This resource estimate was independently prepared by GeoConsult
International ("GeoConsult") and is reported in accordance with the
South African Code for Reporting of Exploration Results, Mineral
Resources and Mineral Reserves ("the SAMREC code).
Highlights:
-- Total gross resource estimate 28.93 million tonnes @ 1.24%
TREO+Y(2) O(3) (net attributable 12.80 Mt)
-- Total gross in situ resource estimate in indicated category
16.78 Mt@ 1.45% TREO+ Y(2) O(3) (net attributable 7.42 Mt) of which
the apatite-breccia facies hosts 7.41Mt@ 2.20% TREO+Y(2) O(3.) (net
attributable 3.28 Mt)
-- Gross Resource estimate inferred in surface stockpiles 2.68
Mt @ 1.94%TREO+Y(2) O(3) (net attributable 1.19 Mt).
-- In situ inferred gross resource estimate including pyroxenite
of 9.46 Mt @ 0.71% TREO+ Y(2) O(3) (net attributable 4.20 Mt).
-- Significant values of niobium, phosphate and scandium are
contained as potential by-products.
-- All of the above resources can be accessed from an extended
open pit which can be widened and deepened (peripheral zone).
Colin Bird, Chief Executive Officer of Galileo Resources,
commented: "This excellent resource estimate result has
demonstrated a substantial SAMREC compliant indicated and inferred
rare earth resource of 28.9 Mt. Some 2.7 Mt of the inferred
resource are contained in surface stockpiles and therefore are
without mining risk. The entire resource is around and below the
old open pit and therefore will be relatively easy access and low
cost to mine. The current inferred tonnage and grade of 0.66%
TREO+Y(2) O(3) , in the pyroxenite rocks is very encouraging and is
leading the Company to consider Glenover as a large-scale bulk
mining project. These results provide the Company with immense
confidence to advance the project to a preliminary economic
assessment, for which bids are already being invited from leading
engineering consultants."
Table Classified Mineral Resources for the Glenover Rare Earth project
Rock Type Resource Tonnage TREO + Y(2) O(3) P(2) O(5) Nb(2) O(5) Sc(2) O(3)
Class Mt (%) (%) (%) ppm
------------------------- ------------------------ -------- ----------------- ---------- ----------- -----------
Apatite-Haematite
Breccia Measured
-------------------------
Indicated 7.407 2.20 17.57 0.47 179.5
-------------------------------------------------- -------- ----------------- ---------- ----------- -----------
Total Measured & Indicated 7.407 2.20 17.57 0.47 179.5
-------------------------------------------------- -------- ----------------- ---------- ----------- -----------
Inferred 0.274 2.16 15.83 0.46 167.9
-------------------------------------------------- -------- ----------------- ---------- ----------- -----------
Carbonatite Measured
-------------------------
Indicated 9.374 0.86 3.50 0.18 63.8
-------------------------------------------------- -------- ----------------- ---------- ----------- -----------
Total Measured & Indicated 9.374 0.86 3.50 0.18 63.8
-------------------------------------------------- -------- ----------------- ---------- ----------- -----------
Inferred 0.453 0.80 4.24 0.15 66.3
-------------------------------------------------- -------- ----------------- ---------- ----------- -----------
Pyroxenite Measured
-------------------------
Indicated
------------------------- ------------------------ -------- ----------------- ---------- ----------- -----------
Total Measured &
Indicated
------------------------ -------- ----------------- ---------- ----------- -----------
Inferred 8.735 0.66 5.31 0.11 71.6
-------------------------------------------------- -------- ----------------- ---------- ----------- -----------
Surface Stockpiles Measured
-------------------------
Indicated
------------------------- ------------------------ -------- ----------------- ---------- ----------- -----------
Total Measured &
Indicated
------------------------ -------- ----------------- ---------- ----------- -----------
Inferred 2.685 1.94 22.21 - -
-------------------------------------------------- -------- ----------------- ---------- ----------- -----------
Total Indicated 16.781 1.45 9.71 0.31 114.9
------------------------- ------------------------ -------- ----------------- ---------- ----------- -----------
Total Measured & Indicated 16.781 1.45 9.71 0.31 114.9
-------------------------------------------------- -------- ----------------- ---------- ----------- -----------
Inferred 12.147 0.98 9.25 - -
-------------------------------------------------- -------- ----------------- ---------- ----------- -----------
Total Resource 28.928 1.24 9.52 - -
--------------------------------------------------- -------- ----------------- ---------- ----------- -----------
Table Selected high assay results from the drilling programme
Significant high grade shoots within the apatite breccia/carbonatite
-------------------------------------------------------------------------------
Borehole TREO+Y(2) O(3) Borehole TREO+Y(2) O(3)
ID ID
GVH m % GVH m %
----------- ------ ------------------ ----------- ------ -----------------
1 17.3 4.4 11 2.2 3.58
4 7.8 8.03 15 3.4 5.08
5 15.7 3.37 16 6 3.95
6 5.7 6.63 17 2.5 4.7
7 7.3 3.49 20 6.8 2.38
10 26.7 4.01 21 15.7 2.69
----------- ------ ------------------ ----------- ------ -----------------
Genalysis Laboratory Services (Pty) Ltd, an Internationally
accredited laboratory and part of the Intertek Group plc, carried
out the assays of the samples.
Comment
The total resource contains 362 (rounded) million kilograms
TREO+Y(2) O(3) of which 243 million kilograms are in the indicated
category. Within the apatite breccia zone there is no tonnage below
0.5% TREO+Y(2) O(3) , and only about 800 tonnes below 0.75%. About
a half a million tonnes of the carbonatite have grades below 0.5%
TREO+Y(2) O(3.) There is a significant inferred 8.7 million tonnes
within the pyroxenite in the peripheral zone that averages 0.66%
TREO+Y(2) O(3) grade. The tonnages and kilograms reported are gross
for the Glenover Joint Venture project. Galileo has the option to
acquire up to 44.24% in the project by providing funding of up to
US$7million and futher options to acquire up to 73.73%. Further
details of this are set out in the Company's Admission
Document.
For further information, please contact:
Colin Bird Tel +44 (0)20 7581 4477
Chairman & CEO
Andrew Sarosi Tel +44 (0) 1752 221937
Technical Director
Beaumont Cornish Limited, Tel +44 (0)20 7628 3396
Nominated Advisor and Broker
Roland Cornish/James Biddle
Shore Capital Stockbrokers Limited Tel +44 (0)20 7408 4090
Joint Broker
Jerry Keen/Toby Gibbs
Bishopsgate Communications Tel +44 (0)20 7562 3350
Nick Rome/Shabnam Bashir
A copy of the announcement is available on the Company's website
www.galileoresources.com
Technical Sign-Off
Andrew Sarosi, Technical Director of Galileo, who holds a B.Sc.
Metallurgy and M.Sc. Engineering, University of Witwatersrand and
is a member of The Institute of Materials, Minerals and Mining, is
a 'qualified person' as defined under the AIM Rules for Companies
and a competent person under the reporting standards. The technical
parts of this announcement have been prepared under Andrew Sarosi's
supervision and he has approved the release of this
announcement.
Resource Estimate based on Galileo's Net (attributable) Interest
in the Glenover Joint Venture Project
Rock Type Resource Tonnage TREO + Y(2) O(3) P(2) O(5) Nb(2) O(5) Sc(2) O(3)
Tonnage
Class Mt (%) (%) (%) ppm
Mt (Gross) 44.24%
(Net)
------------------- ---------------- ----------- --------- ----------------- ---------- ----------- -----------
Apatite-Haematite Measured
Breccia
-------------------
Indicated 7.407 3.277 2.20 17.57 0.47 179.5
------------------------------------ ----------- --------- ----------------- ---------- ----------- -----------
Total Measured
& Indicated 7.407 3.277 2.20 17.57 0.47 179.5
------------------------------------ ----------- --------- ----------------- ---------- ----------- -----------
Inferred 0.274 0.121 2.16 15.83 0.46 167.9
------------------------------------ ----------- --------- ----------------- ---------- ----------- -----------
Carbonatite Measured
-------------------
Indicated 9.374 4.147 0.86 3.50 0.18 63.8
------------------------------------ ----------- --------- ----------------- ---------- ----------- -----------
Total Measured
& Indicated 9.374 4.147 0.86 3.50 0.18 63.8
------------------------------------ ----------- --------- ----------------- ---------- ----------- -----------
Inferred 0.453 0.200 0.80 4.24 0.15 66.3
------------------------------------ ----------- --------- ----------------- ---------- ----------- -----------
Pyroxenite Measured
-------------------
Indicated
------------------- ---------------- ----------- --------- ----------------- ---------- ----------- -----------
Total Measured
& Indicated
---------------- ----------- --------- ----------------- ---------- ----------- -----------
Inferred 8.735 3.864 0.66 5.31 0.11 71.6
------------------------------------ ----------- --------- ----------------- ---------- ----------- -----------
Surface Stockpiles Measured
-------------------
Indicated
------------------- ---------------- ----------- --------- ----------------- ---------- ----------- -----------
Total Measured
& Indicated
---------------- ----------- --------- ----------------- ---------- ----------- -----------
Inferred 2.685 1.188 1.94 22.21 - -
------------------------------------ ----------- --------- ----------------- ---------- ----------- -----------
Total Indicated 16.781 7.424 1.45 9.71 0.31 114.9
------------------- ---------------- ----------- --------- ----------------- ---------- ----------- -----------
Total Measured
& Indicated 16.781 7.424 1.45 9.71 0.31 114.9
------------------------------------ ----------- --------- ----------------- ---------- ----------- -----------
Inferred 12.147 5.374 0.98 9.25 - -
------------------------------------ ----------- --------- ----------------- ---------- ----------- -----------
Total Resource 28.928 12.798 1.25 9.52 - -
------------------------------------- ----------- --------- ----------------- ---------- ----------- -----------
Some figures are rounded where appropriate
Note: Net means attributable amounts are based on Galileo's
option to acquire up to 44.24% in the Glenover Joint Venture
project by providing funding of up to $7million.
Note:
Galileo Resources Plc is a natural resource exploration company.
The Company has an experienced management team with proven
technical and commercial background. The flagship property is the
Glenover Phosphate concession, which produced phosphate for many
years. Phosphate however, is now subordinated to Rare Earth
Elements (REEs). The project area is known to contain REEs and that
the grades, if of sufficient size and continuity may well lead to a
medium-sized operation for the production of REOs.
Galileo Resources currently has an 11.5% interest in the
Glenover Project and has the option, via additional stage payments
as set out in the Company's Admission Document, to earn up to a
maximum interest of 73.73%. The operator is Glenover.One of the key
benefits of the project for a medium-sized operation is that, if
REEs, which have been shown to be present in the stockpiles from
the previous phosphate operations, can be proven to compliant
resource category, the cost of mining it and the associated risks
should substantially be reduced.
The concession is of considerable size and hosts mineralisation
types suitable for potential REE presence. The aim is to
investigate the mineralisation types for REE presence and content
with the view to proving up a mineable resource of REOs.
The Company also has a number of Iron Ore and Manganese
exploration projects in the Cape, all of which are in proximity
either to current operations or discoveries, which are not
currently being processed.
Galileo has rights to joint venture in an aggregate producing
quarry close to Mthata in the Eastern Cape. The Directors believe
that the quarry is well positioned to supply construction aggregate
for the significant potential infrastructure programme being
undertaken by local government.
Technical Glossary
Apatite: a phosphate mineral of calcium containing chlorine or
fluorine, or both
Breccia: a rock composed of broken fragments of minerals or rock
cemented together
Carbonatite an igneous rock consisting of greater than 50%
carbonate minerals mainly calcium carbonate (limestone) and lesser
magnesium carbonate (dolomite)
Facies a body of rock with specified characteristics
Niobium (Nb(2) O(5) ): an oxide of Niobium, a metal whose uses
include alloying and coatings with other metals to improve welding
properties (stainless steel), impart resistance to chemical attack
(zirconium, molten lithium and sodium), corrosion resistance in
harsh chloride-containing solutions (coated copper anodes) and
corrosion resistance at red hot temperatures (rocket nozzles)
Peripheral zone: is the rock mass area surrounding a former pit
which the directors believe can be widened and deepened to access
the REE and associated by-product minerals
Phosphate (P(2) O(5) ): an oxide of phosphorus
Pyroxenite: a dark coloured igneous rock composed almost
entirely of the mineral pyroxene an aluminium silicate essentially
of iron magnesium and calcium
Rare earths (REE): a set of fifteen chemical elements in the
periodic table specifically
the lanthanides (plus yttrium ad hoc and scandium) and by
convention categorised as light REE (the first seven elements plus
yttrium) and heavy REE (the other eight lanthanides)
REO (rare earth oxide): the oxide form of the rare earth
elements
Sc(2) O(3) an oxide of the elemert scandium (Sc), a metal akin
to aluminium. Addition of <1% Sc to aluminium increases its
stength dramatically by raising its melting point by 800(o) C
TREO: total rare earth oxides
Y(2) O(3) an oxide of the element Yttrium. Though not strictly
one of the rare earths group it is often classified as one because
it is found in all rare earth minerals and is chemcially very like
them.
The major rare earth elements (>0.1% distribution in the
resource and boreholes) are:
Ce: Cerium Uses include cathode ray tube glass to prevent age
discoloration, in auto catalytic converters, rich red colour
pigments, low energy light bulbs, film studio carbon-arc lighting
and minor use in self cleaning ovens and in oxide form as high
polishing agent for optical and special glasses
Eu: Europium Uses include bright red coloration in television
tubes; industrial street lighting to give a more natural light,
thin film superconductor alloys and in lasers
Gd: Gadolinium Uses include neutron capture capability and in
compounds as a contrasting agent in radiography and magnetic
resonance imaging in medical diagnostics
La: Lanthanum Uses include carbon-arc lighting, additive to
glass for lenses and new treatment for bone disease
(osteodysrophy). Potential use for hydrogen (H) storage for
H-fuelled vehicles: being able to absorb hydrogen as much as 400
times its volume
Nd: Neodymium Uses include alloyed with iron and boron to make
one the most powerul permanent magnets known (see also Samarium
below) and found in modern vehicles using motorised devices; in
welders protective glasses and power lasers
Pr: Praseodymium Uses include as an additive to give glass a
pure yellow colour and brilliant pastel greens and yellows for
glazes
Sm: Samarium Uses include alloyed with cobalt to produce
permanent magnets ten thousand times more powerful than iron and
has the highest resistance to demagnetization; in masers (microwave
lasers) capable of cutting steel and bouncing off the surface of
the moon
Y: Yttrium Uses include lasers, as host for europium in TV red
phosphor, alloyed with boron and cobalt high temperature
superconductors and microwave filter
This information is provided by RNS
The company news service from the London Stock Exchange
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